NORTH HOLLYWOOD, Calif., March 20 /PRNewswire-FirstCall/ -- IPC The
Hospitalist Company, Inc. (Nasdaq: IPCM), a leading provider of hospitalist
services, today announced financial results for the fourth quarter and full
year ended December 31, 2007.
Fourth Quarter 2007 Highlights:
-- Net revenue increased 31% year-over-year to $52.6 million, largely
driven by same-market area revenue growth of 20%
-- Income from operations rose 207% year-over-year to $4.1 million, as
operating margin increased to 8%
-- Net income increased 94% year-over-year to $2.8 million, or $0.24 per
pro-forma fully diluted share
-- Ended the year with 546 affiliated hospitalists
Adam D. Singer, M.D., Chief Executive Officer, stated, "We are pleased to report record operating results for the full year and fourth quarter of 2007. The results continue our 10-year track record of year-over-year growth in revenue, patient encounters and our number of affiliated hospitalists. In 2007, we acquired nine hospitalist physician practices, of which two represented new market areas for the Company."
Dr. Singer added, "We became a publicly traded company in January 2008 following our successful initial public offering. As a leader in providing hospitalist services, we are well-positioned to continue to expand our market presence through organic growth initiatives and acquisitions."
Fourth Quarter 2007
IPC's fourth quarter 2007 total patient encounters rose 29% to 594,000,
compared to 460,000 in the same period last year. IPC reported fourth
quarter 2007 net revenue of $52.6 million, a 31% increase from $40.2
million for the fourth quarter of 2006. Of the increase in net revenue, 62%
|SOURCE IPC The Hospitalist Company, Inc.|
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